Key events for the week ahead
AU: Westpac consumer confidence
Date: Tuesday, 9 September at 10.30am AEST
For August, the Westpac Consumer Confidence Index rose 5.7% month-on-month (MoM) to 98.5 points, its highest level since February 2022, driven by Reserve Bank of Australia (RBA) rate cuts, rising wages, and easing cost-of-living pressures.
The significant rise suggests that Australian consumers are becoming more optimistic about major purchases and the economic outlook, potentially influencing business and consumer spending, employment, and growth prospects in the Australian economy.
The September reading likely coincides with the week ending, which included the release of the Q2 Australian GDP data, showing a rise to 1.8% YoY – the fastest rate of annual growth since Q3 2023.
This, along with speculation of a 25 basis point (bp) rate cut at the RBA’s November meeting, combined with easing inflation and positive global cues, is expected to see the Consumer Confidence Index rise further to 99.5 in September.
Westpac Consumer Confidence chart